Greetings, and welcome to the Flux Power Holdings Q4 and Fiscal Year 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer session would follow the formal presentation. As a reminder, this conference is being recorded. I would now like to hand the call over to Peter Geantil, Director of Product Development and Marketing. Peter. Thank you. Hello, everyone. Your hosts today are Ron Dutt, our Chief Executive Officer, and Chuck Scheiwe, our Chief Financial Officer. They will be presenting results of operations for our Q4 and fiscal year 2022, which ended June 30, 2022. A press release detailing these results crossed the wires this afternoon at 4:01 P.M. Eastern Time, and is available in the investor relations section of our company's website, fluxpower.com. Before we begin the formal presentation, I would like to remind everyone that the statements made on the call and webcast may include predictions, estimates, or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Throughout today's discussion, we will attempt to present some important factors relating to our business that may affect our predictions. You should also review our most recent Form 10-K and Form 10-Q for the more complete discussion of these factors and other risks, particularly under the heading Risk Factors. At this time, I will turn the call over to Flux Power Chief Executive Officer, Ron Dutt. Thank you, Peter, and good afternoon, everyone. I'm pleased to welcome you to today's Q4 and fiscal year 2022 financial results conference call. Our Q4 reflected our trend of strong revenue growth from customer demand for our lithium-ion battery packs and the addition of new customers, along with product improvements. Revenue increased 61% to $42.3 million in fiscal year 2022, compared to revenue of $26.3 million in the prior year, fiscal year 2021. In the Q4 of fiscal year 2022, revenues were $15.2 million, up 83% from $8.3 million in the prior year, marking our 16th consecutive quarter of year-over-year revenue growth. In the Q4, we received $11.6 million in customer purchase orders from existing Fortune 500 and new customers. To highlight a few of our successes, we received multiple orders for Jeep GSE Ground Support Equipment battery packs from an existing large global airline customer who had moved beyond the pandemic constraint on air travel we all experienced. Further, we began receiving initial orders from new customers acquired during the fiscal year. For the Q4, our customer order backlog decreased to $35 million as of June 30, 2022, helped by improvement in sourcing actions to mitigate part shortages, which bodes well for increased confidence in future supplier performance. Our strategic initiatives include accelerating backlog conversion of orders to shipments and also increased inventory turns are also driving lower working capital needs. These initiatives are also increasing gross margins that will lead toward profitability. To that end, shipments increased to $15.2 million as of June 30th, 2022, compared to $8.3 million as of June 30th, 2021, and $13.3 million as of March 31st, 2022. New orders in fiscal year 2022 increased 83% to $65 million, compared to $35.5 million in the prior year, fiscal year 2021. That was on continued strong customer demand, reflecting not only order flow from our relationships with our installed base, but new customer acquisitions. In March, we introduced three new products at the annual MODEX 2022 Material Handling Trade Show. First, the L-36 lithium-ion battery pack, 36-volt model for the popular three-wheel forklifts. Secondly, the C-48 lithium-ion pack of ours designed for automated guided vehicles and autonomous mobile robots. Lastly, the S-24 lithium-ion battery pack that provides twice the capacity or 210 amp hours for the high volume walkie pallet jacks. We were pleased to see that the global supply chain disruptions improved during the Q4, while at the same time, we continued to pursue strategic supply chain and profitability improvement initiatives. With lithium cell production expanding in the U.S., we believe onshoring in the future could serve as a potential alternative to reduce reliance in offshore sourcing. Throughout 2022, we have taken aggressive efforts to mitigate supply chain issues. We launched a project to bring in-house assembly of cell modules using automated modular assembly. We also leveraged increased pack sales volumes to re-source steel and board components to low-cost regions and to high volume suppliers. During the year, in response to shipping cost increases, we found more competitive carriers to reduce shipping costs and are utilizing lower cost steel suppliers that meet required specs. We have introduced new product designs based on a new modular platform for our battery packs to address customer needs. In response, as well, some of the improvements included higher capacities for extra long and demanding shifts, easier servicing, lower total cost of ownership and other features to solve a variety of existing performance challenges of customer operations. At the same time, our new designs provided margin enhancement, part commonality, and improved serviceability. We are now producing and moving the first few models of our new platform through UL listing and forklift OEM approvals, which is part of our certification process and requirement for our packs to be sold with the new forklifts. Inventory decreased to $16.3 million at June 30, 2022, as shipments increased to $15.2 million. In fact, our inventory turns during the quarter increased from 2.6- 3.4. While supply chain issues are still challenging, our strategic supply chain and profitability improvement initiative has shown positive results. Improved production processes, including implementing lean manufacturing, have resulted in increased efficiency, which has seen inventory turns improved, as I just mentioned. Inventory levels have declined as we continue shipping backlog and our strategic initiatives continue to gain traction. In turn, we expect to see a continued sequential reduction in our rate of cash burn and improvement in gross margins. This will be helped by design cost reductions to lower material cost and assembly in addition to those I just mentioned. We recently implemented a $5 million credit facility on March 11 that included $4 million of signed, committed credit availability. We believe this credit facility, along with our working capital line with Silicon Valley Bank of $8 million, of which $2 million is currently unused, will provide availability for our ongoing needs. Finally, we are seeing an improvement in supply chain issues from an internal standpoint due to our intense focus on manufacturing processes, procurement, and cost efficiencies achieved so far as we execute our top priority of reaching cash flow break-even and profitability. Our current and potential pipeline of customers continues to expand with a full product line that caters to large fleets who seek a relationship partner to provide battery packs on an ongoing basis. These customers represent a diverse base in multiple segments, all of whom are seeking lower cost and higher performance lithium battery packs. Approximately 90% of our forecasted revenue for this fiscal year, 2023 we're in, is now identified and reflects shipments we've already made, a letter of intent we've received, and customer input to order packs for their scheduling with their new forklift purchases. Our experience has been receiving orders from our customers that are needed for their new forklift orders, which often precede battery orders. We have taken actions to restore our gross margin improvement path. As highlighted on slide nine, our gross margin improved substantially to 20% in the Q4 of fiscal 2022 from 14.6% in the Q3 of 2022, reflecting recent progress in restoring our gross margin trajectory as shown on the slide that was impacted by the supply chain disruptions. Our improvement initiatives include a number of elements, including our price increases on new orders coming through now, the utilization of alternate vendors and lower cost suppliers, and new product designs to lower cost, reducing part count and complexity, and improving serviceability of packs, all of which are part of our plan to accelerate our gross margin improvement. Part of our supply chain strategy has been sourcing new suppliers for key components. To that end, we have recently sourced a new supplier for key electronics, a supplier in Mexico for our harnesses, and an offshore Asian steel supplier. We continue to qualify alternate suppliers for critical resources, including electronics, cells, contractors, and fuses in response to the supply chain disruption that's been happening and to give us a margin of safety to ensure we deliver our packs on time. As supply chain disruptions have improved, as I mentioned earlier, customer backlog in the Q4 declined to $35 million from a record at $38.6 million as of March 31, 2022, and is due to improvement in sourcing actions to mitigate part shortages. Our part shortages have declined by 50% over the past two months. As well, production process improvements and better supply chain management contributed to the improvement. During the quarter, inventory decreased to $16.3 million, as I mentioned earlier, from $20.9 million at March 31, due to more efficient purchasing processes. Inventory turns have continued to improve, also, as I mentioned earlier, from 2.6-3.4 during the quarter, reflecting our supply chain and production improvement I have mentioned. We are targeting continued improvements in inventory turns in the quarters ahead. Looking beyond reaching profitability and building our success in the material handling industry, we are also focused on broadening our reach into related verticals, including warehouse robotics. With our operational strategy, which includes six assembly lines, we are well-positioned to continue to leverage our capabilities as the adoption of lithium energy solutions continues to accelerate, including demand from numerous related verticals. On the technology front, we continue to see customer interest in our proprietary SkyBMS telematics product, which provides for remote fleet management and monitoring, which delivers battery pack data to optimize performance and customer fleet tracking. I'm happy to report the customer feedback remains very positive, with Flux Power as a leader of the technology for these applications. With that, I will now turn it over to Chuck Scheiwe, our Chief Financial Officer, to review the financial results for the quarter and year ended June 30, 2022. Chuck? Thanks, Ron. Now turning to review our financial results in the quarter ended June 30th. As Ron mentioned, revenue for the fiscal Q4 of 2022 increased by 83% to $15.2 million, compared to $8.3 million in the fiscal Q4 of 2021. This was driven by increased sales volume and models with higher selling prices. Gross profit for the fiscal Q4 of 2022 increased to $3 million, compared to a gross profit of $1.8 million in the fiscal Q4 of 2021. Gross margin was 20% in the fiscal Q4 of 2022, as compared to 21% in the fiscal Q4 of 2021. This is reflecting recovery of approximately 10 points of gross margin decline we had related to the supply chain disruption during the past year. Selling and administrative expenses increased to $4.1 million in the fiscal Q4 of 2022, from $3.4 million in the fiscal Q4 of 2021. This is reflecting increases in outbound shipping costs, personnel expense related to expanding quality in our service initiatives, and a significant increase in insurance premiums. Research and development expenses decreased to $1.4 million in the fiscal Q4 of 2022, compared to $2 million in the fiscal Q4 of 2021. This is primarily due to lower third-party testing and compliance expense to support product development stages. Cash usage, as discussed previously, has supported our actions to protect our customer order delivery timing, given global product shortages and delivery delays throughout 2022. We have actively worked to reduce inventory balances as the pandemic-caused disruption recovers. We ended the year with half a million dollars in cash and have over $8 million working capital line of credit with Silicon Valley Bank, of which $2.5 million is currently available, and a recently implemented $5 million credit facility. Of which there is $4 million of signed, committed debt availability as resources to manage working capital needs. You know, we believe that our existing cash and additional funding available under our SVB credit facility, combined with funding available to us under our subordinated LOC, will be sufficient to meet our anticipated capital resources to fund planned operations for the next 12 months, barring any anticipated events. We fully intend to avoid raising equity capital prior to reaching profitability. We are on track, executing to our gross margin improvement and cost control initiatives. Now turning to review our financial results in the year ended June 30. Revenue grew 61% to $42.3 million for the fiscal year 2022, as compared to $26.3 million in the same year ago period. The increased revenue was primarily driven by our sales of a greater mix of larger battery packs that have a higher selling price, combined with a higher volume of units sold to both existing and new customers. In the Q4 of 2022 alone, we booked $11.6 million in new customer orders, w hile there can be some seasonality with orders, of course, strong customer demand continues, along with a gradual reduction in concentration from new customer acquisitions. Although gross profit was higher in the fiscal year at $7.3 million compared to the same year ago at $5.8 million, gross profit margins decreased to 17.3% in fiscal year 2022, as compared to a gross profit margin of 22.1% in the same year ago period. Gross profit, as mentioned earlier, was impacted by higher costs for steel, electronic parts, common off-the-shelf parts during the year, and those were all partially offset by higher revenues associated with increased sales of our energy storage solutions. Selling and administrative expenses increased to $15.5 million in fiscal year 2022 from $12.6 million in the same fiscal period of 2021, reflecting increases in outbound shipping costs, insurance premiums, and personnel expenses. Research and development expenses increased to $7.1 million in fiscal year 2022 compared to $6.7 million in fiscal year 2021. This is primarily due to expenses related to new product development and UL certifications. I'd like now to pass it back to Ron, and he'll offer some closing remarks. As Chuck mentioned, I want to emphasize that we fully intend to avoid raising equity capital prior to reaching profitability. Profitability is currently our top priority. We're taking it very, very seriously and very specific efforts to achieve it. Looking ahead, we continue to focus on increasing our energy storage solutions to new and existing customers who are anxious for the benefits of lithium-ion technology, and also to focus on expansion into emerging sectors such as warehouse robotics, high voltage applications. That we own our own technology also reduces risks for our large customers. We are, after all, a technology company, and that is great for attracting customers. Let me put it differently. Our target customer base of Fortune 500 companies with their large fleets want a supplier who has as good or better technology, both now and the future, and that we can demonstrate that. As we have said, ours is a relationship business, and this is a great predictor of our future, as shown by repeat Fortune 500 customers and more recently, multi-year letters of intent in negotiation. Further, during fiscal 2022, management brought on six new major customers with sustainability initiatives, and these customers have seven-figure revenue potential. Price, service, and quality are key factors as to why we continue to win business and will ensure our goal to continue our growth trajectory, particularly as seen on slide nine that we looked at. Our current facility should support production well beyond $100 million annually in revenue, given our facility footprint, second shift build-out, and lean manufacturing implementation. In summary, we are well-positioned to create long-term value for our shareholders. Our strategic initiatives have been deployed and are now working to increase profitability and mitigate ongoing global supply chain disruptions and executing our customer order backlog. With continued increases in both customer demand and related production capacity increases, we are accelerating our trajectory to cash flow break even and profitability. I look forward to providing our shareholders with further updates in the near term as we continue to leverage our leadership position in lithium-ion technology solutions. With our growing list of new and diverse large customers. I thank you all for attending. Now I'd like to hand the call over to the operator to begin our question and answer session. Operator? Thank you. Our 1st question comes from the line of Amit Dayal with H.C. Wainwright. You may proceed with your question. Thank you. Good afternoon, everyone. Ron, just to, you know, want to congratulate you first on a strong sort of revenue performance for the Q4. You know, in that context, you know, how should we think about future growth, you know, especially for over the next, say, 12 months? You know, you're growing at a pretty fast clip. Is this sort of a sustainable level, or should we sort of moderate our expectations, you know, just from a growth rate perspective for fiscal 2023? Thanks, Amit, for the question. We are capacity-constrained. We have more demand that we can meet, which is a good thing. At the same time, you know, we've had to factor that. Go back to that slide nine, you could see the growth trajectory, which is very impressive and reflects a lot of resources and build-out of infrastructure here to support that. As you know, growth takes capital. We feel confident in continuing the inertia we have with growth with the business we have. At the same time, we're careful to not grow faster and get out of control with regard to achieving profitability. We have a very specific budget plan this year with very specific initiatives and assumptions. We're on track with that, to deliver another year of good growth, but also not getting too far ahead of ourselves, that we can't achieve our goal of profitability. I'd say the quarter-to-quarter increases in revenue as we go forward, you know, we don't give guidance on that. We do see continuing existing customer base to fill out their fleets. That continues. We've added new customers, and we're adding more new customers. You've seen that, those three slides we have on those marquee customers. Probably the short answer is we're managing through that. We don't wanna give guidance. These are really good challenges for us to have, we believe. Yeah. Absolutely. In that context, the $35 million in backlog you have, are you expecting to deliver that in the next 12 months or even faster? Yeah. You know, the backlog is interesting. It's like a hopper y ou've seen that. If you've seen that table that we have in our 10-K and the press release, that reflects the orders we've got and we haven't shipped. Period to period, we ship those orders, and then we receive new orders in. I think the question is, it's really the pacing. You know, there's still a little lumpiness that we get from orders from these large customers, principally because they're now moving a little more toward bunching their orders and protecting lead times, as opposed to the smaller orders over time. We've seen the impact that particularly in the last quarter. Does that help? Yeah. I mean, I can follow up offline on that as well. Yeah. We can do that offline. Your answer, yes, we plan on getting that out here pretty quick. You know, we've got the stuff in place. We're working through it and it's flowing well. Understood. I mean, we can probably assume you probably added some backlog since the end of June, until now, right? Yeah. Yeah. It's kind of a continuum, almost month to month, almost week to week of shipping orders, reducing the backlog, getting new orders in. If you look back since over the past nine months, that backlog has just continued to be around $30 million, a little bit more, moving around a little bit. Meanwhile, we've been shipping $13 million, $15 million a quarter, and our backlog level is still there. The older orders have been shipped out, new orders come in. We manage the shipment schedule. Typically, we'll get an order, and the timing could be a couple of months before we have to ship it. There is a delay, there is a reason for a level of backlog to be there. To your point. What's critical with our customers, we have to meet their delivery timing, so we can't let stuff sit in backlog that long. Therefore, that reflects the net of shipments going out and new orders coming in. Yeah. You are already running a second shift, right, to meet some of this demand? Yeah. Actually, starting in February, we started adding some people to a second shift. We got about six or seven people there that do a lot of work to help prepare for the first shift, also build some packs as well. We have a lot of potential capacity we can expand there 'cause we probably wanna add seven or eight more and really increase that to a full second shift. That's not a full second shift at all right now. Okay. Just maybe one last one. In terms of, you know, the headlines, you know, currently in the market around recession-related concerns, is that filtering in your outlook or, you know, conversations you may be having with your customers? I just wanted to see how you're managing, you know, that type of environment that everybody sort of is concerned about right now. Yeah, yeah. Everybody's concerned about it. I'd say two things. One, we haven't seen any impact to the order flow or anticipations or discussions with our customers so far. Who knows what the future holds, really. I'd say the second point is that one of the things about being in material handling, stuff has to move, and stuff's gonna move either in an upturn or downturn. Forklifts and particularly battery packs wear out. They wear out, you know. It's like your car, you're running gas, you got a fill it up. While there can be some impact from a stronger economy to a weaker economy, I don't wanna say we're insulated from that, but we certainly historically, if you look at the historical numbers, you don't see wide impacts like you do in other sectors like construction, and banking and so forth. Yeah. Amit, the other thing I might add is that our customers are very large customers, so we're not overly concerned about receivables or those type of items. They have deep pockets, so those are not. You know, if you had small customers, you might be more concerned about the recession. We've got big customers that can handle this. Understood. Thank you for that. I'll take my other questions offline. Thank you. Thanks, Amit. Our next question comes from the line of Chip Moore with E.F. Hutton. You may proceed with your question. Thanks. Hey, Ron and Chuck. Thanks for taking the question. Wanted to go back to the top line. I think you talked about having, I think it was 90% visibility on your internal forecasts for fiscal 2023. You know, I know you don't give guidance, but I think you have talked about the potential to reach a $70 million run rate in the relative near term. Maybe just help us just think about those dynamics. Yeah. Yeah. You know, again, you know, if you look at our trajectory, our run rate, it doesn't take a lot of imagination to see where we're going. We haven't been losing customers, their relationship. They're building out their fleets. We're getting new customers in terms of revenue. We just see that continuing. I'd kind of love to give you guidance in a way to be more specific, but we're certainly have a practice here of not doing that for a lot of reasons. I would say the inertia and strength of our customers' interest in our packs is just, if anything, it's growing as well. I think the simplest thing to do is go to that trajectory and you can draw several lines and anticipate what to look for in that, given that we're certainly controlling our costs and controlling our resources to make sure that we are very responsible in the rate at which we grow. Absolutely. Yeah. No, that's fair. Yeah, go ahead. Okay. No, that's a good way to look at it. And maybe that's a segue to the profitability, clearly a focus. You know, great to see the improvement this quarter, right? I think it was 500 basis points, more than 500 basis points sequentially. Maybe you can expand on the trajectory there. You talked about seeing continued improvement. That was pretty dramatic quarter-over-quarter. You know, if we think about product mix and some of the actions underway, help us think about that trajectory, you know, over the next several quarters. Yeah. I mean, we've got a very specific gross margin initiatives going on. Price increases are going into play. You know, we've got orders in the current backlog at new prices. We've got very detailed actions on the cost side of the BOM materials, as we mentioned, taking stuff off-site to China and just as an example, just to throw something out there, like in Mexico, we did a package of harnesses for one of the packs that was 70% lower than what we were getting in the States. There's some very dramatic things that we're finding that we can do. As you keep pursuing this, it'll definitely help on the cost side. So as we continue to go through all this, we're going back towards, we've always mentioned 30%-35% plus margins. You know, we're on the march to do that. It's gonna take time, obviously, because this stuff needs to be put into place, but it's in process. Hope that helps. Yeah. No, that's helpful, Chuck. Okay. On the booking side, I guess I think you talked about it or covered it, but just with the book-to-bill coming in under one, is that any reason for that, or is that just more timing related? I don't know, maybe an update on that large LOI. Yeah that you referenced. It's timing based, is what we're seeing. The LOI is probably gonna turn into purchase orders in October, what we're anticipating. That gonna be that in itself is a dramatic flip to that bucket, when that happens. There's stuff. We're also seeing customers, as Ron mentioned, that are instead of doing, you know, POs for 200, 300 here and there, they're waiting and giving. It's gonna be big shifts. You know, you're gonna get a PO for $a few million, is kind a how it's starting to trigger. There's gonna be actually more lumpiness in our backorder than we've seen in the past, probably because of some of that. you know, at the same time, please note that the delivery timing of those large orders are spread- Yeah out over time as well, and principally because the customer has got to spread his forklift deliveries out over time, and an operation can't be totally disruptive with large shipments on a like a given week or maybe even a given month. All that's really good for us, spreading the timing out from that standpoint. Yeah. Yeah. It's, yeah. Got it. Okay. No, that's very helpful. Okay, maybe just one last one from me. You know, you talked about onshoring, right? Maybe expand on that. You know, are discussions underway? How could a transition like that progress? I think, you know, particularly with some of the incentives that are gonna be out there, just how are you thinking about that longer term? Yeah. You know, longer term is, you know, we all would like to be able to buy these cells from the US or even Mexico just to avoid the transit time and, you know, potential geopolitical risk that happens. You know, there's very limited production of lithium batteries in the United States, and, you know, it's almost double the cost. We've got to see a scale being built. It's gonna take some time. They can't build those factories quickly. You know, you can just pick up, you know, reading the news every day. Well, it's gonna happen. How fast? We don't know. We are agnostic to actually the cell chemistry and the shape of the cells, if you wanna know the truth. We're gonna be very flexible. Our CTO monitors this all the time. We're looking at other backup sources. You know, this is a third to a half the cost of our BOM. It's something we look at very, very closely and looking for all kinds of opportunities, whether it be the supplier, good fit, responsive supplier, cost, delivery time. The environment is evolving, and I think whatever happens seems like it's gonna be for the good in terms of cost. Our costs of our cells have gone down about 35% over the past eight years, just principally on volume. That's despite we had a 4% increase some months ago, and that was the only increase in that, considering that total picture we've had. Got it. That's helpful. All right. Thank you very much. Yeah. Thanks, Chip. Thanks, Chip. Our next question comes from the line of Jim McIlree with Dawson James. You may proceed with your question. Yeah, thanks. Good afternoon. Yeah, hi, Jim. Orders in Hey. Hey, guys. Orders in the June quarter were down significantly from the prior two. I'm just hoping you can help me understand what's going on with that, particularly in regards to your comments about demand still being quite strong. Yeah. It's timing. As we were talking earlier, there's some timing involved there, and what we're seeing is some of the customers we're getting bigger orders, not as frequent orders. Part of that, I think, is in response to delays, and everybody knows it's taking time to build stuff, so they wanna book a bit more consistent on their, you know, build slots and when these products are gonna come out the door. We're seeing some of that. We've got significant number of customers that are in the process of coming to that PO level, and that is what we're showing there is at the point of purchase order, where there's a huge pipeline behind that leading up to that point that we're very comfortable with. I think it's mostly timing, and it'll rectify itself. Yeah, you know, just a little more color to that just so we don't forget. The timing of our packs, because almost the overwhelming majority of our revenue is tied to the sale of new forklifts, not replacing end-of-life batteries. Yeah. The lead times on forklifts, like most everything else in the economy, has really extended itself. Our orders are gonna tie to whatever revised or longer lead times those forklifts have. I think we can see some of this unevenness. Mm-hmm. Unevenness happens. Because when we talk to all of our major suppliers, our sales guys are in tune with that, as are the forklift OEMs, because we're all working pretty closely together to monitor the pace, and we don't see the overall long-term pace having changed. It's a great question, Jim. That was not lost on us either. All right. Can you talk about lead times that you're quoting to customers and where they are now, where they might have been, let's say, a couple quarters ago, and where you would hope to get them? Yeah. You know, a couple quarters ago, it depends on the model, but particularly the bigger models were out more than six months. Now we're catching up. They're coming down to two months or two and a half or three for some of the longer lead items. The smaller packs move more six to eight weeks. There has been a reduction in those lead times, and we expect probably some more shortening of that lead time as we go forward. The dramatic piece has been over the last call it nine months. Yeah. Okay. My last question is, maybe you addressed this in your commentary, but can you talk about either a gross margin goal at a certain revenue level or a gross margin. I'm assuming your gross margin trajectory for fiscal 2023 is up. I'm just trying to get a feel for how much. Yeah. Can increase over this year. Right. I mean, we've mentioned many times we don't do forward-looking statements, but you can certainly look at our OpEx running at $5-$5.3 million, maybe, a quarter. You know, you get margins up to 30%, you can back into what the revenue needs to look like. You know, the revenues are, you know, getting very close to that point. We're working hard on getting the margin up. A lot of times around here, we don't necessarily have a revenue order issue, we have a margin issue that we're working hard to remedy coming out of this COVID stuff. Once those get back up, we get that rectified. You know, we just need to get that OpEx covered and you're at break even. I think you can do the math fairly easy without us giving any numbers to you. All right. Got it. Yeah. That's very helpful. Thanks a lot. Thanks. Thanks. Our next question comes from the line of Matthew Galinko with Maxim Group. You may proceed with your question. Hi, good afternoon. Thanks for taking my questions. I guess, I noticed DSOs, you know, were down sequentially and, you know, kind of tracked lower compared to your last few quarters. Just curious, are we sort of at a sustainable level of DSOs? You know, anything specific, you know, strategically that brought those down? Are you mentioning inventory turns or are you talking DSOs? Days Sales Outstanding. The Days Sales Outstanding. Yeah. I mean, I continue to work very hard with them. These are large customers, so we continue to work with them. I think there's some improvement there. I'm currently working with Toyota and PACCAR to get. A lot of these bigger companies have supply chain financing where they'll give you accelerated payments on your receivables based on you getting into their little special supply chain program. Working through that. I've already got that with Crown and Caterpillar. We'll continue to work hard. We do see those continuing to come down, even though a lot of people are warning this is an environment where people are gonna pay slower, but we think we're gonna go the other way on that, and it'll continue to improve a little. It's tough, well, but it'll get better. Does that help? It does. Yeah. Thank you. I guess just one more question on gross margins. You know, you've been talking for a few quarters, I think, about the you know what you're doing strategically around sourcing and trying to mitigate some of the factors that you've been contesting and, you know, grappling with over the last few quarters. You know, how much did the efforts that you've already done get reflected in your Q4 margin and how much of that is still sort of you know percolating into results that we'll see get baked into future quarters? Yeah. You know, probably less than 25% was hitting in the Q4 of what we have on the plate. A lot of the Q4 was actually some of the market coming back in terms of steel prices dropping. There's this piece of it that's naturally happening, and then there's a chunk of it that we're actively going after. The part that we're actively going after, I would say is only less than 25% was in the Q4. We had a lot of plans and a lot of space to go still on those initiatives. Does that help? Perfect. I would now like to turn this call back over to Mr. Dutt for closing remarks. Thank you. Thank you, Laura. I'd like to thank each of you for joining our financial results conference call today and look forward to continuing to update you on our ongoing progress and growth. If we were unable to answer any of your questions, please reach out to our IR firm, MZ Group, who would be more than happy to assist. Thank you and good day. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation and enjoy the rest of your day.